Pond.fun's lead software engineer Genesis exploited privileged access to the platform's smart contracts, manipulating withdrawal functions to drain 64.8 ETH from the liquidity pools. The stolen funds were bridged to Railgun for privacy before moving to centralized exchanges. Chainalysis and Elliptic were contracted to track and prevent laundering of the stolen assets.

According to Pond.fun's official disclosure, the Linea-based meme coin launchpad Pond.fun was hacked this morning. Initial on-chain and off-chain evidence suggests that Pond.fun’s lead software engineer was behind the attack. The attacker drained liquidity from the Pond.fun smart contract and sold off the project tokens.